China Securities Intelligent Financial News Baili Tianheng (688506) disclosed its 2024 annual report on March 29. In 2024, the company will achieve a total operating income of 5.823 billion yuan, a year-on-year increase of 936.31%; The net profit attributable to the parent company was 3.708 billion yuan, a year-on-year turnaround, the non-net profit was 3.636 billion yuan, a year-on-year turnaround, the net cash flow from operating activities was 4.059 billion yuan, compared with -615 million yuan in the same period last year, and the basic earnings per share of Baili Tianheng was 9.25 yuan, and the weighted average return on equity was 184.86%.

Based on the closing price on March 28, the current price-to-earnings ratio (TTM) of Baili Tianheng is about 25.63 times, the price-to-book ratio (LF) is about 24.46 times, and the price-to-sales ratio (TTM) is about 16.32 times.

According to the data, the company's main products are propofol medium/long chain fat emulsion injection, propofol emulsion injection, sevoflurane for inhalation, medium/long chain fat emulsion injection, structural fat emulsion injection (C6~24), astragalus granules, guanidine hydrochloride sustained-release tablets.

According to the data, the company's weighted average return on equity in 2024 will be 184.86%, an increase of 328.43 percentage points from the same period last year. The company's return on invested capital in 2024 will be 104.77%, an increase of 170.96 percentage points over the same period last year.

As of 2024, the company's net cash flow from operating activities was 4.059 billion yuan, an increase of 4.674 billion yuan year-on-year, net cash flow from financing activities was 1.274 billion yuan, an increase of 1.183 billion yuan year-on-year, and net cash flow from investment activities was -2.565 billion yuan, compared with -81.8754 million yuan in the same period last year.

In terms of major changes in assets, as of the end of 2024, the company's other current assets increased by 8244.29% from the end of the previous year, accounting for 35.17 percentage points of the company's total assets, fixed assets increased by 11.46% from the end of the previous year, accounting for 24.42 percentage points of the company's total assets, monetary funds increased by 697.13% from the end of the previous year, accounting for 16.77 percentage points of the company's total assets, and inventory increased by 15.1% from the end of the previous year. The proportion of the company's total assets decreased by 7.62 percentage points.

In terms of major changes in liabilities, as of the end of 2024, the company's notes payable and accounts payable increased by 46.87% from the end of the previous year, accounting for 16.82 percentage points of the company's total assets, short-term borrowings increased by 116.45% from the end of the previous year, and the proportion of the company's total assets decreased by 10.96 percentage points, other payables (including interest and dividends) increased by 14.23% from the end of the previous year, accounting for 7.4 percentage points of the company's total assets, and contract liabilities increased by 4006.96% from the end of the previous year. The proportion of the company's total assets increased by 4.38 percentage points.

From the perspective of inventory changes, as of the end of 2024, the book value of the company's inventory was 162 million yuan, accounting for 4.17% of net assets, an increase of 21.2839 million yuan from the end of the previous year. Among them, the provision for inventory decline was 3.8886 million yuan, and the provision ratio was 2.34%.

In 2024, the company's R&D investment will be 1.443 billion yuan, a year-on-year increase of 93.34%; R&D investment accounted for 24.78% of operating income, down 108.03 percentage points from the same period last year.

For 2024, the company has a current ratio of 3.19 and a quick ratio of 3.1.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2024, the new shareholders are China-Europe Medical and Health Mixed Securities Investment Fund and E Fund CSI 300 Medical and Health Exchange-traded Open-ended Index Securities Investment Fund, which replaced CUAM Fuda Xin Flexible Allocation Hybrid Securities Investment Fund and Guotai Junan Financial Holdings Co., Ltd. - Customer Funds at the end of the third quarter. In terms of specific shareholding ratios, the holdings of China Universal Medical Services Flexible Allocation Hybrid Securities Investment Fund have increased, such as ChinaAMC SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, E Fund SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, Guangzhou Defu Investment Consulting Partnership (Limited Partnership)-Guangzhou Telford II Equity Investment Fund (Limited Partnership), GF Healthcare Equity Securities Investment Fund, Wells Fargo Precision Medicine Flexible Allocation Hybrid Securities Investment Fund, The participation of employees of CITIC Securities Baili Tianheng in the strategic placement and collective asset management plan of the Science and Technology Innovation Board has declined.

Proofreading: Yang Ning

Indicator Annotation:

P/E ratio = total market capitalization / net profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio = total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio = total market capitalization / operating income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.